- Investment growth slows in 2H24
- Govt. targets $ 2 b in FDIs annually
Sri Lanka’s Board of Investment (BOI) signed 74 projects in 2024, with an estimated investment of $ 608 million, with the second half of the year showing slow growth, the Finance Ministry said.
According to a response tabled at parliament by Finance and Planning Deputy Minister Harshana Suriyapperuma on 18 December, the BOI signed 41 new projects and 33 project extensions between January and December 2024.
The statement said that the estimated total investment in the 74 projects signed in 2024 stands at $ 608 million, a mere $ 110 million growth in the second half of the year after recording $ 498 million investments in the first half.
Moreover, the Finance Ministry said that the government intends to establish five export zones in 2025, In Kankasanthurai, Paranthan, Mankulam, Iranavila and Kappalthurai in Trincomalee.
In terms of the existing industrial zones, the Finance Ministry said that BOI will look to modernise existing industrial zones in line with international standards while this modernisation will done according to global green standards to ensure environmental sustainability in order to attract investors.
Also, it said that the government has identified four sectors for which investments are prioritised, namely marine tourism, green hydrogen, higher education sector and information technology and innovation.
Furthermore, the statement said that the government will look to automate the investment approval process, where it will provide a platform for the investment applications to be filled online while allowing the investors to see the stages of the approval process.
In his policy statement before the parliament in November, President Anura Kumara Dissanayake said that his government intends to have more than $ 2 billion in foreign direct investments each year.